Melbourne Housing Market Improves
March 23, 2012
The Melbourne housing market is showing early signs of increased buyer activity with auction clearance rates up and home loans on the rise
The Melbourne housing market has certainly surprised on the upside so far this year with a strong rebound in buyer activity following a quiet finish to what was a generally subdued 2011.
Auction clearance rates have climbed into the mid 60’s compared to the low 50’s at the end of 2011. Also the ABS reported this week that the number of housing loans approved in January was a hefty 10 percent higher than for January last year
The mid-prestige market has been particularly active with a number of 2 dollar million plus sales reported in the leafy middle suburban arc stretching from Ivanhoe through Balwyn and Camberwell down to Brighton and across to Middle Park.
Advertisement: Story continues below Buyer confidence is clearly improving despite continuing mixed news on the Victorian economy and a raft of mortgage rate raises recently from the banks.
Buyers have been alerted to the good buying opportunities in Melbourne following the softening in prices that occurred in 2011, particularly in the prestige market.
Early momentum is certainly gathering this year as buyers are seeking and apparently finding good value in quality properties in prestige locations.
The signs are certainly emerging that the balance of power is finally shifting from buyers to sellers in Melbourne particularly in prestige suburbs.
The question is how long will the current momentum will last, Melbourne certainly has a history of generating change-up and aspirational property buying despite the nature of the prevailing economic fundamentals.
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